Middle East oil flows recover slowly as Hormuz risks persist
Global crude markets are recovering unevenly after a Gulf conflict disrupted exports, with refined fuel lagging well behind.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Oil flows from the Middle East remain far below normal as depleted global inventories and disrupted fuel exports slow recovery. Shipping freight and insurance costs for very large crude carriers heading to East Asia have surged to an average of 30 per cent of total cost, and Brent crude traded above $90 a barrel. Gulf crude exports have returned to 80 to 85 per cent of pre-war levels, while refined products remain near 35 per cent.
Why it matters
Industry leaders warn that rebuilding oil stocks could take up to two years. Shipping risk in the Strait of Hormuz continues to add pressure on energy prices and supply.
Timeline
- Nov 10, 8:00 PM ET: Industry leaders warned that depleted global oil inventories and disrupted fuel exports could slow recovery, with rebuilding stocks taking up to two years.
- Nov 10, 10:26 PM ET: Freight and insurance costs for very large crude carriers shipping Middle East crude to East Asia surged to an average of 30 per cent of total cost.
- Nov 11, 12:51 AM ET: Brent crude rose above $90 a barrel, trading at $92.36, after briefly falling to two-month lows earlier in the week.
- Nov 11, 1:00 PM ET: Gulf crude exports reached 80 to 85 per cent of pre-war levels and Qatar's LNG loadings hit half, while refined fuel lagged at 35 per cent.
Coverage
- Crude Is Back at 80% in the Gulf, but Refined Products Are Stuck at 35% (ZeroHedge)
- 3 Energy Stocks Facing Oil Price Risk as Hormuz Tensions Rise (Yahoo News)
- Freight, Insurance Costs On Middle East Crude Shipments Surge To 30% (independent.ng)
- Middle East Oil Flows Far from Normal Despite Signs of Oversupply (oilprice.com)
- OPEC output recovers near pre-conflict levels as Brent tops $90
- OPEC+ holds output steady as Iraq seeks bigger quota
- Iraq seeks higher OPEC quota as output claims face doubt
- Iraq asks OPEC+ for bigger oil output allowance
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